Aussie parents worried about kids in cashless economy
As Australian families prepare for the holidays to come to an end, new research* into attitudes towards money and financial education, reveals that 43 per cent of parents believe their children don’t learn enough about money at school. Spriggy, a financial education app, commissioned the national survey of parents with kids between the ages of 8-17 years, and found that more than a third (39 per cent) of those surveyed are ‘worried’ about their children’s understanding of digital money, with Queenslanders the most concerned. Despite this, three quarters (78 per cent) of Aussie mums and dads continue to provide pocket money using physical cash. Aussie parents are big believers in pocket […]
Equity crowdfunding plugs the bank gap for Revvies Energy Strips
Revvies Energy Strips is one of the first cabs off the rank to try the new equity crowdfunding rules. The rules allow public companies – which are not necessarily listed companies, although they can be – to raise money. Equity crowdfunding also allows many small investors to take an interest in an early stage investment. John Nolan-Neylan is the co-founder and managing director of Revvies Energy Strips. He decided to raise funds for his business, which has developed caffeine strips athletes use to enhance their performance, to cement relationships with customers. “It’s a way to get them involved in the brand and they get a piece of the pie and, […]
Australia’s first neobank, Xinja, raises more than $1 million via equity crowdfunding
Xinja, which is building the first independent, Australian 100% digital neobank designed for mobile, has raised over $1 million, a week after opening the nation’s first retail equity crowdfunding campaign through Equitise, the crowdfunding platform. “The investor response has been incredible,” said Xinja CEO and founder Eric Wilson. “We’ve seen extraordinary support from more than 500 people who want a share in Xinja at this early stage.” The offer is scheduled to remain open until the end of March but may close sooner. Mr Wilson said retail investors have invested as little as $250 and as much as $10,000. This capital raising forms part of Xinja’s […]
Digital disruption of wealth management
The wealth management industry is in the process of becoming digitally disrupted by Financial Technology (fintech) on all levels. Previously, the regulatory environment had not been conducive to alternative wealth management practices, but this is changing. A rigorous regulatory environment has been one of the reasons fintech in wealth management has been slow to establish itself. But, the Australian Securities Investment Commission (ASIC) has recognised the growing importance of the fintech sector and is proactively engaging with the sector across all areas of financial services with the establishment of the Innovation Hub. Further recent support of fintech by ASIC goes a long way to opening up financial services to new […]
The search for bitcoin’s founder: who invented cryptocurrency?
The identity of the pioneering cryptocurrency’s founding father(s) has remained a mystery since a whitepaper published by a programmer going by the pseudonym Satoshi Nakamoto surfaced in 2008. However, there are plenty that have worked with the bitcoin founder to make it a success. Satoshi Nakamoto ‘What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party’ – Satoshi Nakamoto, 2008. For a cryptographically secured digital currency built on a system that requires no central authority, it is unsurprising that its creator has stayed in the shadows. […]
Why Bitcoin’s price is so volatile
In 2017, Bitcoin’s value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year. Since then, it’s value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies like Ether and Ripple along with it. If you’re new to cryptocurrencies, this kind of volatility can be dizzying (and painful if you invest at the wrong time), but if you take a closer look it starts to make sense. Here’s why Bitcoin’s price keeps changing so drastically, and why it may get more stable in the future. Bitcoin Is Still Very New Bitcoin was first released in 2009, but it […]
‘I actually don’t quite care’: Australian bitcoin investors hang tough
Australian bitcoin investors are refusing to be spooked by the cryptocurrency’s wild volatility, saying its steep drop in value was a “healthy step” in the virtual currency’s brief history. Bitcoin – the world’s largest digital coin – fell below $US10,000 ($A12,500) on Wednesday, continuing its month-long slide. Bitcoin peaked in December, at nearly $US20,000 but has since dropped by 50 per cent. Wednesday’s price drop was sparked by a record sell-off after the South Korean government flagged a crackdown on cryptocurrency trading. South Korea is one of the world’s biggest cryptocurrency markets. Bitcoin is one of nearly 1400 different types of cryptocurrency. China has also recently flagged a crackdown on […]
Why investor Steve Baxter’s changed his tune on the blockchain, but warns current hype levels are “dangerous”
Last year, prominent Australian investor and Shark Tank judge Steve Baxter told StartupSmart in an interview he believed the blockchain was “overhyped”, and he had no blockchain-focused startups in his portfolio, nor was he “in a hurry to find any”. Since then, blockchain startups and cryptocurrencies such as Bitcoin and Ethereum have seen an astounding boom in both popularity, recognition, and price, with multiple success stories locally and abroad. Asked if he’s changed his tune just over six months later, Baxter told StartupSmart this week he now owns “a bit” of second-largest cryptocurrency Ethereum and appreciates the tech more. “I bought $500 bucks of Ethereum to get a sense of […]
